January 3 (Renewables Now) - Malaysian engineering company Kejuruteraan Asastera Berhad (KLSE:KAB) on Friday announced a proposed agreement to acquire a 30% stake in local solar power solutions provider LeveragEdge Sdn Bhd for MYR 2.1 million (USD 515,000/EUR 468,000).
KAB said it would start talks with LeveragEdge and its director Loo Chun Keat in regard to signing a definitive agreement on the stake sale.
LeveragEdge operates under the SimpliSolar brand and offers solar and energy efficiency solutions in Southeast Asia. The planned acquisition will mark KAB's entry into the solar power market.
"I believe the solar sector has great potential, supportive favourable government policies and we would like to be part of the sustainable energy ecosystem," KAB's managing director Dato’ Lai Keng Onn said.
(MYR 10.0 = USD 2.452/EUR 2.228)